Japanese Yen (JPY) Technical Major Currencies (2010-07-13)

By IBT Staff Reporter On 07/13/10 AT 1:41 AM

Morning Report

The pair did not surpass 89.00 providing a minor bearish patter with the neckline at 88.40 shown above. This pattern canactivate the expectations for a downside move for todaywith the clear breach for the neckline opening the way towards 87.00. Stochastic might cause fluctuations and volatility restricting the breaching and the bearishness.

The trading range for today is among the major support at 87.00 and the major resistance at 89.55.

The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.

Previous Report

Weekly ReportSupport88.4088.0087.6587.0086.40Resistance88.9589.5590.2090.6091.00RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 88.40 targeting 87.00 and stop loss above 88.95 might be appropriate